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Air Core Variable Shunt Reactor Market Trends

Report ID: GMI11622
Published Date: Sep 2024
Report Format: PDF

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Air Core Variable Shunt Reactor Market Trends

The market is driven by the transition to renewable energy and the need for enhanced grid stability. Smart grid investments and power infrastructure modernization boost reactor adoption, offering improved efficiency and adaptability. Increasing focus on environmentally friendly solutions shapes market evolution globally. The European Commission's REPowerEU plan, announced in May 2022, aims to increase the EU's renewable energy target to 45% by 2030, signaling a significant push for grid modernization and stability solutions. Reactor design advancements reducing energy losses and the growing demand for voltage regulation in regions integrating wind and solar power further propel market growth.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The industry was valued at USD 320.7 million in 2023 and is projected to grow at a CAGR of 9% from 2024 to 2032, driven by the increasing reliance on renewable energy sources necessitating improved grid stability.

The market for three-phase shunt reactors is expected to exceed USD 450 million by 2032. This growth is driven by the need for grid stability due to the rising integration of renewable energy sources, modernization of aging transmission infrastructure, and investments in smart grid technologies.

The Asia Pacific air core variable shunt reactor market is set to surpass USD 380 million by 2032, driven by rapid industrialization, urbanization, and renewable energy adoption. Countries like China, India, and Japan are expanding power grids to meet increased electricity demand and integrate renewable sources.

Key players in the air core reactor industry include Coil Innovation, GE, GETRA, Hilkar, Hitachi Energy, Hyosung Heavy Industries, MindCore Technologies, Nissin Electric, Phoenix Electric, SGB SMIT, Shrihans Electricals, Siemens Energy, TMC Transformers, and Toshiba Energy Systems & Solutions.